Suncorp Visa Debit Card – Suncorp Bank today announced PayLater, its new interest-free Buy Now Pay Later (BNPL) offering that can be used to pay at over 70 million merchant locations worldwide where Visa is accepted. A first for the Australian market, Suncorp’s Paylater combines both a physical and digital Visa debit card, giving customers a better experience for shopping in-store and online.

Available to Suncorp Bank customers through the Suncorp app, PayLater is designed to give customers more choice in how they pay and at no additional cost to merchants.

Suncorp Visa Debit Card

Eligible customers will get instant approval when they apply online or through the Suncorp app, giving them greater flexibility and certainty when making payments in four installments. A bank check includes a credit check to determine customer eligibility.

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“Some customers prefer to use credit cards, while others want easy, short-term payment options from a trusted and secure bank,” said Suncorp Bank CEO Clive Van Horen.

“PayLater is available through the Suncorp app, which helps you budget easily because everything is in one place and there’s no need to download different apps.”

The settlement is a win for Australian businesses, many of which are struggling right now as we learn to live with COVID-19. Our PayLater offering eliminates additional costs for businesses currently paying millions of dollars in BNPL fees. Clive Van Horen, CEO of Suncorp Bank

Unlike other banks that only offer digital BNPL, PayLater offers customers a choice of digital or physical PayLater Visa Debit Card, which can be used in-store and online.

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Customers can use their green Suncorp Visa Debit Card to pay through their Suncorp Bank Account, or their yellow PayLater Visa Debit Card and payments are made in four equal instalments.

• Yellow Paylator comes with Visa Debit Card. To make it easier for customers, the PayLater physical and digital card is yellow, while the ‘Pay Now’ card is green.

• Your digital wallet card and physical card are made from 82% recycled materials. The remaining 18% is made from antenna inputs that cannot be made from recycled materials for safety and integrity reasons.

• Flexibility to change your payment date by up to six days, to help you better manage your money.

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The buy-then-pay sector is developing rapidly as consumers want flexibility and choice in how they pay in-store and online. We are delighted to be working with Suncorp to deliver a seamless and secure digital payment experience that will enable customers to pay in installments wherever Visa is accepted and grow more businesses across Australia. Julian Potter, Visa Australia Group Country Manager, New Zealand, and South Pacific

Today, Suncorp Bank announced that all new debit cards, including Paylater cards, will be made from recycled materials. This is in line with our desire to improve the sustainability of everyday banking processes. Today, Suncorp Bank announced that it is expanding its services with a new Buy Now Pay Later (BNPL) offering, PayLater.

PayLater will be available to Suncorp customers from November 2021 – however, those interested can pre-register to join.

PayLater is all about flexibility. Suncorp offers its customers a choice of a digital or physical PayLater Visa Debit Card for online and in-store purchases at more than 70 million merchant locations worldwide – wherever Visa is accepted.

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When shopping, Suncorp customers will be able to pay for their purchases from their bank account with their Green Visa Debit or Buy Now, Pay Later with their Yellow Paylater Visa Debit Card.

Purchases made with a PayLater card are divided into four equal payments. A first payment of 25% of the purchase price will be charged to your account immediately, with three automatic equal payments to follow.

As an added green bonus, Suncorp Bank has announced that all new debit cards, including PayLater cards, will be made from 87% recycled materials.

Like most BNPL services, PayLater has a spending limit. Once approved, cardholders are able to make purchases of $50-$1000.

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Suncorp says PayLater does not charge interest or monthly or annual fees. Paylator is completely cashless, it said.

There are late payment charges if automatic payments do not occur. Suncorp will give you a two-day extension to make the installment payment in person before they charge a $10 late fee.

PayLater is available to eligible Suncorp customers through a Daily Options account. So, if you are not already in the bank, you need to register to gain access.

Unlike other well-known BNPL services like Afterpay and Zip, some new BNPL brands use a digital card strategy like Suncorp’s PayLater Visa Debit Card.

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While you may be familiar with BNPL’s big-name services, many major banks – and payments giant PayPal – have also launched BNPL offerings.

Not sure if this is the right service for you? Go to the ‘Pay Now’ latest hub to learn more about how it all works and where other providers are.

Or check out the Buy Now Pay Later statistical report, which covers everything you wanted to know about BNPL.

Ava Crawford writes here on all our financial topics. He is passionate about providing everyday Australians with intuitive financial information that enables them to make informed and empowered decisions. Ava has produced digital content for Foxtel’s Lifestyle and FOXArena, and has contributed to publications such as the New York Times. He attended New York University and graduated with a degree in English and American literature.

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Available to Suncorp Bank customers through the Suncorp app since November, PayLater is designed to give customers more choice in how they pay and at no extra cost to merchants.

Eligible customers will receive instant approval when they apply online or through the Suncorp app, giving them greater flexibility and confidence when making payments in four installments. A bank check includes a credit check to determine customer eligibility.

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“Some customers prefer to use credit cards, while others want easy, short-term payment options from a trusted and secure bank,” said Suncorp Bank CEO Clive Van Horen.

“PayLater is available through the Suncorp app, which helps you budget easily because everything is in one place and there’s no need to download different apps.”

Unlike other banks that only offer digital BNPL, PayLater offers customers a choice of digital or physical PayLater Visa Debit Card, which can be used in-store and online.

Customers will be able to use their green Suncorp Visa Debit Card, or their yellow PayLater Visa Debit Card to pay through their Suncorp Bank Account and payments will be made in four equal instalments.

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September 7, 2021 | Bank. Fintech. Payments | Tags: Banks, Banking, Buy Now Pay Later, Digital Payments, Mobile Payments, Partnership

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